Each year theft and fraud cost American businesses as much as $50 billion. According to the 2016 Global Fraud Study by the Association of Certified Fraud Examiners, employee theft (the most common form of reported fraud) averages $125,000 per loss. The Study goes on to report that “the median loss suffered by organizations with fewer than 100 employees was the same as that incurred by larger organizations; although the loss had more impact on the smaller businesses.”
Surveillance does make a difference.
The Study noted that active detection methods, such as surveillance, monitoring, or account reconciliation resulted in both lower fraud losses and quicker detection. “Organizations that had specific anti-fraud controls in place had losses that were 14.3%–54% lower and frauds were detected 33.3%–50% more quickly than organizations lacking active detection controls.”
Employee theft can happen at any business. Give Metro Alarm & Lock a call to discuss how a surveillance system can deter employee theft in your business.